Reserve

Bank AI

Kevin

Spearheaded by Texas Senator Ted Cruz, Republican senators are making concerted efforts to restrict the ability of the Federal Reserve to launch a CBDC.
According to <a href="https://www.foxbusiness.com/politics/cruz-gop-senators-double-down-anti-central-bank-digital-currency-legislation" data-type="link" data-id="https://www.foxbusiness.com/politics/cruz-gop-senators-double-down-anti-central-bank-digital-currency-legislation" target="_blank" rel="noopener noreferrer nofollow">FOX Business</a>, Cruz, alongside colleagues Bill Hagerty (R-Tenn.), Rick Scott (R-Fla.), Ted Budd (R-N.C.), Mike Braun (R-Ind.), and Kevin Cramer (R-N.D.), are set to propose the Central Bank Digital Currency Anti-Surveillance State Act.
The Republican senators are looking to make CBDCs a significant issue during the 2024 presidential race, initiating a topic of discussion among voters and candidates, as <a href="https://crypto.news/presidential-candidate-kennedy-warns-against-cbdcs-labels-them-a-threat-to-civil-liberties/" data-type="link" data-id="https://crypto.news/presidential-candidate-kennedy-warns-against-cbdcs-labels-them-a-threat-to-civil-liberties/" rel="noopener noreferrer nofollow">seen</a> with presidential candidate Robert F. Kennedy Jr.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Senator Ted Cruz and four other senators are expected to introduce a new bill today called the Central Bank Digital Currency Anti-Surveillance State Act. This is a companion bill to the one introduced in the House. They seek to limit the FED from launching a CBDC. <a href="https://t.co/6nsOM7f38c" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/6nsOM7f38c</a>— Hotep Jesus (@HotepJesus) <a href="https://twitter.com/HotepJesus/status/1762144659046809959?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">February 26, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
You might also like: <a href="https://crypto.news/microstrategy-bitcoin-for-155m/" rel="noopener noreferrer nofollow"> MicroStrategy adds 3k more Bitcoin for $155m </a>
The legislation contends that the Federal Reserve should not issue a <a href="https://crypto.news/tag/cbdc/" data-type="link" data-id="https://crypto.news/tag/cbdc/" rel="noopener noreferrer nofollow">CBDC</a> to Americans without Congressional approval, citing concerns over privacy and financial autonomy.
Critics from conservative ranks argue that a CBDC could allow the federal government to monitor and possibly control Americans’ financial transactions.
Meanwhile, the Biden administration has <a href="https://crypto.news/digital-dollar-project-pushes-us-cooperation-on-cbdc/" data-type="link" data-id="https://crypto.news/digital-dollar-project-pushes-us-cooperation-on-cbdc/" rel="noopener noreferrer nofollow">authorized</a> the Fed to explore the potential of a CBDC to enhance the efficiency and accessibility of payments. However, no decision to proceed with implementation has been finalized.
Read more: <a href="https://crypto.news/us-cbdc-debate-heats-up-amid-elections-does-the-country-need-a-digital-dollar/" rel="noopener noreferrer nofollow"> US CBDC debate heats up amid elections. Does the country need a digital dollar? </a>

Ted Cruz leads Republican senators in resistance to CBDC bills

crypto.news

Other articles published on Feb 26, 2024

Crypto Whales Buy and Stake $45.5 Million in Ethereum (ETH): Price Impact

Dogecoin (DOGE) Price Entering Parabolic Breakout to $1.7, Predicts Popular Analyst

Top Layer 1 Crypto Projects in 2024

Bitcoin Peaks as Corporate Demand Soars and ETF Excitement Grows

Bitcoin’s Price Fluctuation: A Technical and Fundamental Analysis

All in Bits to launch governance blockchain ahead of Cosmos Hub fork

Join our free newsletter for daily crypto updates!